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Grew up (mostly) in Norwich, Connecticut, which is a sad town at the intersection of three rivers.One of the reasons it is sad is because...

When the Money Gusher Ends We can all agree it’s a good thing the pandemic’s crushing blow to the economy didn’t close all the businesses and put everybody in bread lines. But there’s no such thing as a free recovery, say people who don’t want us to have any fun. For example, the Fed’s money printer going brrr all the time has kept countless companies from going bankrupt, writes Lisa Abramowicz. The downside is this has also kept alive countless companies that might be better off no longer existing. These living-dead businesses, along with the heaps of debt all companies have bee...

By Jared Dillian I’ve been either investing or writing about investing for 22 years, and I’ve seen a lot of weird stuff, but nothing as weird as Dogecoin, the lighthearted dog-themed cryptocurrency that was created as a joke. It’s now valued at more than $50 billion, exceeding Ford Motor Co. and many other companies with extensive histories. It’s not the first worthless financial instrument that I’ve seen soar to great heights—it happened to dot-com stocks at the start of my career—but the first one intentionally designed to be worthless. Elon Musk thinks this is funny. I don’...

The airlines were running on one month’s worth of cash when COVID-19 hit. They ran out of cash because they spent their money on buybacks, trying to get their stock prices up. This is terrible behavior. They jeopardized their companies. And the government rewarded them with billions of dollars in relief funds. What we should have done is let them go bankrupt instead. Bankruptcy Shouldn’t Be a Bad Word The bankruptcy process is nothing to be afraid of. The airlines would have still continued to operate. They also get financing, which gives them a chance to restructure and bring down their ...

by Tyler Durden Wednesday, Apr 07, 2021 - 03:00 PM Jared Dillian, publisher of The Daily Dirtnap, returns to the Daily Briefing to update Real Vision’s Jack Farley on how America’s red-hot economy is precipitating wage inflation alongside monetary and fiscal stimulus, worth trillions of dollars, which shows no sign of slowing. Dillian argues that this booming reflationary environment will be hostile to bonds but could lead to a “melt-up” in U.S. equity indexes as value stocks surge and growth stocks remain at hold their own. Lastly, Dillian and Farley cover gold, retail leverage, and ...